As Japan's largest, and the world's second largest, used-car dealer, Gulliver posted its sales revenue equal to 12 billion yuan ($1.76 billion) in 2007, with net profit of 900 million yuan. "We are very optimistic about the prospects of China's used-car market, and our Chinese operation is moving forward steadily," said an executive of Gulliver China.
As China's anti-monopoly law took effect on August 1 this year, many global auto retail giants have entered the Chinese market through partnership and investment. They are looking for cost-effective acquisition opportunities.
U.S. company Manheim, the world's largest provider of vehicle resale services, formed a joint venture with Beijing Auto in June for used-car auctions. The venture, Manheim BAI, specializes in the wholesale of used vehicles by operating on a B2B platform.
In recent years, the sales of used economical sedans have grown more and more rapidly in China's auto market. China's trade volume of used cars may reach 3 million in 2008, China Automobile Dealers Association said.
The sales of used vehicles in big Chinese cities hit 75,000 units in June, of which 18,000 units were sold in Beijing.
By George Gao From: Gasgoo.com
